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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Investment in hotel properties, net $ 4,191,220 $ 4,250,524
Investment in unconsolidated joint ventures 7,144 7,457
Cash and cash equivalents 374,827 409,809
Restricted cash reserves 29,234 23,516
Hotel and other receivables, net of allowance of $118 and $169, respectively 30,386 25,494
Lease right-of-use assets 124,640 128,111
Prepaid expense and other assets 35,704 38,968
Total assets 4,793,155 4,883,879
Liabilities and Equity    
Debt, net 2,222,111 2,220,081
Accounts payable and other liabilities 162,207 154,643
Advance deposits and deferred revenue 40,856 40,242
Lease liabilities 118,396 119,102
Accrued interest 10,891 20,900
Distributions payable 30,645 30,634
Total liabilities 2,585,106 2,585,602
Commitments and Contingencies (Note 11)
Shareholders’ equity:    
Preferred shares 366,936 366,936
Common shares 1,510 1,533
Additional paid-in capital 2,973,044 2,992,487
Distributions in excess of net earnings (1,149,658) (1,090,186)
Accumulated other comprehensive income 2,892 13,788
Total shareholders’ equity 2,194,724 2,284,558
Noncontrolling interests:    
Noncontrolling interest in the Operating Partnership 5,854 6,130
Noncontrolling interest in consolidated joint ventures 7,471 7,589
Total noncontrolling interests 13,325 13,719
Total equity 2,208,049 2,298,277
Total liabilities and equity $ 4,793,155 $ 4,883,879
Common shares of beneficial interest, shares issued 151,048,741 153,295,577
Common shares of beneficial interest, par value (in dollars per share) $ 0.01 $ 0.01